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Revista de Economia Contemporânea

On-line version ISSN 1980-5527


CRISOSTOMO, Vicente Lima. Difficulties of the Brazilian companies to finance their capital expenditures and innovation. Rev. econ. contemp. [online]. 2009, vol.13, n.2, pp.259-280. ISSN 1980-5527.

This work has been done with the purpose of advancing in the research about financing difficulties of the Brazilian company. Such difficulties are researched for capital expenditures as well as for financing innovation activities. The empirical implications are characterized by a dynamic investment model, as proposed by Bond and Meghir (1994), that assumes the presence of convex costs of adjustment and the objective of firm value maximization. For a sample of non financial Brazilian companies in the period 1995-2006, the results show that the Brazilian firm faces difficulties to finance its capital expenditure as well as innovation with external funds.

Keywords : financing difficulties; investment; capital expenditures; investment in innovation.

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